Massy records $465m in profits after tax

MASSY Holdings Group recorded $465 million in profits after tax for the nine months of the year ending June 30.

The information was shared in its consolidated financial statements published on the TT Stock Exchange’s website on August 12.

Chairman Robert Riley said in his statement, the profits reflected an improvement from the 13 per cent decline in profits in the previous half-year this year, but it represented a ten per cent decrease in profits when compared to the same period in 2023, when it earned $517.8 million.

The consolidated income statement said revenue from continuing operations was recorded at $11.6 billion, as compared to $10.3 billion for the same period the year before.

It earned a profit before tax of $731.4 million as compared to $759.9 million for the same period the year before.

Riley said while profit before tax was down by four per cent for the period as compared to the year before, the performance of the core business increased eight per cent, from $1.2 billion, to $1.3 billion.

“Despite higher interest expenses for acquisition financing, a one-time accounts receivable adjustment in Q2 and restructuring and legal costs, we have also observed a significant year-over-year improvement in cash generated from operations,” he said.

The group also saw improvements in several of its portfolios, Riley said. The integrated retail portfolio improved by seven per cent year-over-year to $463 million and the gas products portfolio increased by ten per cent, with third-party revenue up by $1.6 billion, a 33 per cent year-over-year increase.

Motors and machines increased its portfolio by 11 per cent to $2.5 billion.

In a separate release, Massy Holdings announced Wendy Kerry had been promoted to executive vice-president, group general counsel and corporate secretary.

The change took effect from August 7.